A Staff Officer of the Bureau of National Intelligence (BNI), Francis Aboagye, has told the High Court in Accra that investigations established that the Governing Board of the Ghana Infrastructure Investment Fund (GIIF) never approved the payment of US$2,000,000 for the proposed Accra Sky Train project.
Mr. Francis Aboagye, who is the third prosecution witness, gave his evidence-in-chief in the ongoing trial of former GIIF Chief Executive Officer, Solomon Asamoah (A1) and former Board Chairman Christopher Ameyaw‑Akumfi (A2), who are standing trial over the investment.
According to the witness, the US$2 million payment formed part of an intended investment in the Sky Train project, which was estimated to cost US$2.6 billion but investigations found no evidence that the GIIF Board authorised the transaction.
Payment made without board approval
In his written statement to the court, Mr. Francis Aboagye said he was assigned on February 24, 2025 to lead an NIB team to investigate a report of an alleged unlawful payment from GIIF funds to Africa Investor Holdings Limited, a company incorporated in Seychelles by one Herbert Danso.
He told the court that the investigation confirmed that the money was transferred from GIIF’s account to the foreign company on March 4, 2019 but the payment was made without prior approval from the board of directors, contrary to the GIIF Act and the Fund’s internal investment policy.
He added that minutes of board meetings held between September 2018 and December 2020 were reviewed, but none showed that the board approved the share acquisition or the payment.
“Our investigations established that the board of directors did not approve the share acquisition or the payment of US$2,000,000 at any of these meetings,” the witness stated.
Mr. Aboagye further told the court that under a shareholders’ agreement signed by Mr. Asamoah, on behalf of GIIF, the Fund purportedly acquired 10 percent shares in a special purpose vehicle, known as Ai SkyTrain Consortium Holdings, incorporated in Mauritius by Africa Investor Holdings Limited.
However, he said the agreement was signed without technical, financial, legal or feasibility assessments, contrary to the GIIF investment policy, which requires comprehensive evaluation before any investment decision.
Recommendation from management – A2
The witness also told the court that during investigations, the two accused persons gave caution statements to investigators.
He said Mr. Asamoah insisted that the board approved the payment, but he failed to produce any evidence.
On his part, Prof. Ameyaw-Akumfi stated that to the best of his recollection, the payment was made on the recommendation of management through the CEO, but he also did not provide proof of board approval.
No progress on Sky Train project
Mr. Francis Aboagye said further investigations showed that although a concession agreement for the Sky Train project was later signed, the project was contingent on a bankable feasibility study, which was never completed.
He added that the Auditor-General’s report and external audit findings indicated that the US$2 million investment may not be recoverable if the project fails to secure the necessary approvals.
The prosecution maintains that the payment of the US$2 million from GIIF funds was unlawful and done without the required authorisation, leading to the criminal charges against the two accused persons.
